Navigation Links
Dyadic International Raises Additional $1 Million to Complete $4 Million Convertible Note Offering
Date:9/7/2010

JUPITER, Fla., Sept. 7 /PRNewswire-FirstCall/ -- Dyadic International, Inc. ("Dyadic") (Pink Sheets: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of specialty enzyme products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced that Dyadic has received an additional $1 million to complete its previously announced private placement of convertible subordinated secured promissory notes (the “Notes”) which has provided Dyadic with total gross proceeds of $4 million. Three of the eight private investors participating in this offering are officers and/or directors of Dyadic representing approximately one-third of the total gross proceeds.

(Logo: http://www.newscom.com/cgi-bin/prnh/20091214/DYADICLOGO)

(Logo: http://photos.prnewswire.com/prnh/20091214/DYADICLOGO)

As previously announced, the Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder’s option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.

Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.

The securities offered will not be registered under the Securities Act of 1933, as amended, (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The $4 million raised through the offering of these convertible notes, in combination with our current cash position, we believe provides Dyadic with sufficient capital to operate its business through the end of next year based on our current level of sales and without any additional licensing or other incremental revenue-generating events. However, this newly raised capital will not slow our continuous efforts to grow our business through the pursuit of additional licensees and other types of strategic collaborations to monetize our technologies, increased sales of industrial enzymes as well as other potential revenue-generating opportunities."

About Dyadic

Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.

Cautionary Statement for Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.


'/>"/>
SOURCE Dyadic International, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Dyadic International Reports 2010 Second Quarter Financial Results
2. Intellect Neurosciences, Inc. to Present Data on Alzheimers Vaccine at 13th International Congress of Immunology Conference
3. Paper in International Journal of Oncology Reports Alfacells ONCONASE(R) Suppresses Intracellular Oxidative Stress
4. Ozarelix Phase 2 Data Presented at 29th Congress of the Societe Internationale dUrologie
5. Anadys Pharmaceuticals Presents Preclinical Results on ANA598, a Non-Nucleoside Inhibitor of the NS5B Polymerase, at the 14th International Symposium on Hepatitis C Virus and Related Viruses
6. International Expert Group Initiates Largest Multi-center Phase III Trial to Evaluate NeuroAid(TM) in Stroke Recovery
7. Surface Logix Presents Positive Phase 1 Repeat-Dose Trial Data on SLx-4090 at The 16th International Symposium on Drugs Affecting Lipid Metabolism
8. Preclinical Data on Lead MEK Inhibitor, RDEA119, to be Presented at the 2007 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics
9. Tumor Growth Inhibition and Pharmacokinetic Profile of NKTR-102 (PEG-Irinotecan) in Multiple Solid Tumors To Be Presented at Upcoming AACR-NCI-EORTC International Conference
10. Preimplantation Genetic Diagnosis International Society Refutes American Society of Reproductive Medicine Opinion - States Preimplantation Genetic Screening is Beneficial When Performed in Experienced Centers
11. Survival Data for Avicenas Amyotrophic Lateral Sclerosis Drug Candidate, AL-02, to be Presented at 18th International Symposium on ALS/MND
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... LONDON , June 23, 2016 ... environments  Oticon , industry leaders in ... the launch of Oticon Opn ™, the world,s ... world of possibilities for IoT devices.      ... Opn, Oticon introduces a number of ,world firsts,: ...
(Date:6/23/2016)... 23, 2016 The vast majority of dialysis ... facility.  Treatments are usually 3 times a week, with ... including travel time, equipment preparation and wait time.  This ... grueling for patients who are elderly and frail.  Many ... and rehabilitation centers for some duration of time. ...
(Date:6/23/2016)... , June 23, 2016  Experian ... integrating and transforming the patient payment and ... several innovative new products and services that ... its revenue cycle offerings. These award-winning solutions ... efficient workflows, remain compliant in an ever-changing ...
Breaking Medicine Technology:
(Date:6/24/2016)... Georgia (PRWEB) , ... June 24, 2016 , ... ... awards today at the Clinical Decision Making in Emergency Medicine conference in Ponte ... have authored journal articles published in Emergency Medicine Practice and Pediatric ...
(Date:6/24/2016)... ... 24, 2016 , ... Puradigm® & Innovative Solutions today announced ... and processing operations at its production facility, and opened its first two dispensaries ... manufacturer of a complete system of proactive air and surface purification solutions for ...
(Date:6/24/2016)... ... , ... National recruitment firm Slone Partners is pleased to announce ... experience, as Vice President of North American Capital Sales at HTG Molecular . ... sales team in the commercialization of the HTG EdgeSeq system and associated reagents in ...
(Date:6/24/2016)... ... June 24, 2016 , ... Today, ... stem (iPS) cells and other difficult to transfect cells, announces its launch of ... PluriQ™ G9™ Gene Editing System is a complete system for culturing and ...
(Date:6/24/2016)... ... June 24, 2016 , ... Finally, a bruise cream that ... dermaka cream can be incorporated into the post-surgical treatment plans of a variety of ... , dermaka cream is very effective for bruising and causes a rapid resolution of ...
Breaking Medicine News(10 mins):